Ice Cream Heir David Smith, founder of Smith Global Ventures and former Chief Operating Officer of classic ice cream brand company CoolBrands International has established a new initiative to help guide and fund innovative frozen dessert startups.
Smith’s father, Richard E. Smith, created the super premium ice cream brand Frusen Glädjé in the 1980s, which means “Frozen Happiness” in Swedish. Frusen Glädjé was packaged in an innovative white domed container and competed with Haagen-Dazs until it was acquired by Kraft Foods. Although Frusen Glädjé hasn’t been on the market for decades, the iconic brand is remembered by many and still referenced today in popular TV shows, most recently mentioned in Seth MacFarlane’s sci-fi spoof “The Orville.”
Smith stated “What better way to honor my father, Richard, than to name this new initiative after the famous ice cream brand that he created.” The purpose of the Frozen Happiness Initiative is to identify innovative new startups, focused on the ice cream and frozen dessert sector. Through Smith’s experience, The Frozen Happiness Initiative would help guide these new entities through the treacherous waters that many new businesses face, provide access to early stage capital, and help bring their innovative product to market at the appropriate time.
Smith commented “The global ice cream industry is valued at approximately USD55bn in revenues, however frozen dessert innovation has been stagnant for decades and consumers have grown tired of the same products, flavors, and form factors, such as pints, half gallons, and novelties. I’m hoping, through the Frozen Happiness Initiative, we will see more excitement and innovation in this segment.”